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Pattern Energy Enters Agreement to be Acquired by CPPIB

Power News - Published on Thu, 07 Nov 2019

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Pattern Energy Group Inc and Canada Pension Plan Investment Board announced they have entered into a definitive agreement, pursuant to which CPPIB will acquire Pattern Energy in an all-cash transaction for USD 26.75 per share, implying an enterprise value of approximately USD 6.1 billion, including net debt. CPPIB and Riverstone Holdings LLC have concurrently entered into an agreement pursuant to which, at or following the completion of the proposed acquisition of Pattern Energy by CPPIB, CPPIB and Riverstone will combine Pattern Energy and Pattern Energy Group Holdings 2 LP under common ownership, bringing together the operating assets of Pattern Energy with the world class development projects and capabilities of Pattern Development.

Under the terms of the merger agreement, Pattern Energy shareholders will receive USD 26.75 in cash consideration for each share of Pattern Energy, representing a premium of approximately 14.8% to Pattern Energy's closing share price on August 9, 2019, the last trading day prior to market rumors regarding a potential acquisition of the Company. The consideration also represents a 15.1% premium to the 30-day volume weighted average price prior to that date.

The Pattern Energy management team, led by Mike Garland, will lead the combined enterprise.

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Posted By : Yogender Pancholi on Thu, 07 Nov 2019
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